Coston McIsaac & Partners Sells 1,139 Shares of Consolidated Edison, Inc. (NYSE:ED)

Coston McIsaac & Partners cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 1.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 60,092 shares of the utilities provider’s stock after selling 1,139 shares during the period. Consolidated Edison accounts for 1.6% of Coston McIsaac & Partners’ portfolio, making the stock its 21st largest holding. Coston McIsaac & Partners’ holdings in Consolidated Edison were worth $5,361,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ED. Wilmington Savings Fund Society FSB bought a new position in Consolidated Edison in the 3rd quarter worth $776,000. Pathway Financial Advisers LLC raised its stake in shares of Consolidated Edison by 10,302.6% in the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after buying an additional 24,211 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after buying an additional 82,985 shares in the last quarter. Hennessy Advisors Inc. lifted its position in shares of Consolidated Edison by 2.8% during the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after buying an additional 3,900 shares in the last quarter. Finally, Gateway Investment Advisers LLC grew its stake in shares of Consolidated Edison by 102.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after acquiring an additional 217,981 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ED shares. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their target price for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Morgan Stanley decreased their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Finally, Barclays dropped their price objective on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research note on Monday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average price target of $100.00.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $92.60 on Thursday. The firm has a fifty day simple moving average of $92.78 and a two-hundred day simple moving average of $98.10. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $32.08 billion, a P/E ratio of 17.44, a PEG ratio of 2.89 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, analysts expect that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.67%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 62.52%.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.